On 24/05/2021 TraderTalent.com is bringing you another guest post from Bryan Noble of TraderNoble.com.

U.S. Equity Markets reversed earlier gains, closing mixed as the NASDAQ 100 led the declines with a fall of 0.61%. Economic data were mixed. Manufacturing PMI hit a record high this month, boosted by optimism among manufacturers. Along with a strong reading in Services PMI, this helped the Composite PMI reading come in well above estimates. That is a good sign for economic growth. Existing Home Sales, on the other hand, did not fare so well, falling for the fourth straight month. Once again, the weakness here was driven by a lack of available supply, not a lack of demand. There were a few Federal Reserve speakers on Friday, but very little new commentary came out. Philadelphia Fed President Patrick Harker again said that he thinks it is time to have a conversation on tapering asset purchases. But Richmond Fed President Thomas Barkin said that there is still room to run in the labour market until the Fed reaches its goals. This echoed previous commentary from the Fed, signalling that policy will remain intact. European Markets again closed higher after a volatile week. Markit Euro-Zone’s preliminary composite Purchasing Managers’ Index (“PMI”) data for May were stronger than expected, driven by rebounding services activity. Germany’s Bundesbank said the country’s economy could leave the pandemic behind by the Autumn if the pace of COVID-19 inoculations remains where it is. Portuguese Finance Minister Joao Leao said the country is likely to raise its economic growth forecast for this year to 5% as tourism returns. In Asia, China’s State Council said more steps must be taken to ensure rising commodity costs are not passed on to consumers, after having said it is willing to augment raw material supplies. Markit Japan’s preliminary composite PMI data for May weakened versus April, falling back into contraction territory, as renewed coronavirus restrictions were a drag on the services index. South Korea’s preliminary export data for May rose versus April, as automobile and semiconductor shipments remained strong. Australia’s preliminary retail sales data for April were stronger than expected, despite the lack of stimulus support, signalling economic momentum is building. Elsewhere, Bitcoin fell 11%, after Chinese Vice Premier Liu He made more comments on a possible crackdown on cryptocurrencies, while Oil rebounded 2.65% after Thursday’s aggressive sell-off.

To mark my 2325th issue of TraderNoble Daily Commentary I am offering a special 2 year rate of Euro 2750 for my Platinum Service which includes 1 to 4 updated emails throughout the trading day To demonstrate this value, a monthly subscription over the same period would cost 4440 euro in total This offer represents a 38% discount and is open to both new and existing members. If anyone is interested in this offer can you please email me on [email protected] for details

For anyone following my Platinum Service it made 329 points on Friday and is now ahead by 1394 points for May having closed April with a gain of 1244 points, having ended March with an impressive gain of 3769 points, having made 3286 points in February, 2077 points in January, 2273 points in December, 2025 points in November, 2779 points in October, 3042 points in September and 2383 points in August. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points

Equities

The S&P 500 closed 0.08% lower at a price of 415.

The Dow Jones Industrial Average closed 123 points higher for a 0.36% gain at a price of 34,207.

The NASDAQ 100 closed 0.61% lower at a price of 13,411.

The Stoxx Europe 600 Index closed 0.5% higher.

Last Friday, the MSCI Asia Pacific Index rose 0.3%.

Last Friday, the Nikkei closed 0.78% higher at a price of 28,317.

Currencies

The Bloomberg Dollar Spot Index closed 0.3% higher.

The Euro closed 0.4% lower at $1.2180.

The British Pound closed 0.3% lower at 1.4149.

The Japanese Yen fell 0.2%, closing at $108.94.

Bonds

Germany’s 10-year yield closed three basis points lower at -0.13%.

Britain’s 10-year yield closed one basis points lower at 0.82%.

US 10 Year Treasury closed one basis points lower at 1.61%.

Commodities

West Texas Intermediate crude closed 2.65% higher at $63.58 a barrel.

Gold closed 0.08% lower at $1,875.90 an ounce.

This morning on the Economic Front we have no data of note from either the UK or the Euro-Zone. At 1.30 pm we have the Chicago Fed National Activity Index. Finally, at 2.00 pm we have a speech from Fed Member Brainard.

June S&P 500

The Cash S&P hit an intra-day high at 4188 on Friday, thus filling the ‘’Open Gap’’ from May 10 before falling 40 Handles. Volume continues on the low side while optimism remains at extreme levels which is no surprise as the S&P is trading three Standard Deviations above the mean. Tops in markets take forever to form as we have seen with Gold which topped at $2100 before falling $450 while Bitcoin topped at $67000 and is now trading 50% lower at $35000 as I post this Daily Commentary. My point here is the S&P is topping  and will have an aggressive fall when the 50 – Day Moving Average finally breaks. Shortly after the Futures Market opened last night the S&P traded lower to my 4143 buy level before rallying to my 4155 T/P level and I am now flat. The S&P has resistance from 4175/4190 where I will be a small seller with a 4202 ‘’Closing Stop’’. I will again be a buyer on any dip lower to 4128/4143 with the same 4115 ”Closing Stop”. If I am taken short I will have a T/P level at 4164. If I am taken long I will have a T/P level at 4154.

EUR/USD

My latest 1.2225 short position worked well with the market trading lower to my 1.2200 T/P level on Friday and I am now flat. The Euro has strong support from 1.2060/1.2110 where I will again be a buyer with a 1.2015 stop. Today, I will again be a seller from 1.2225/1.2275 with a 1.2310 stop. If I am taken long I will have a T/P level at 1.2150. If I am taken short I will have a T/P level at 1.2190.

June Dollar Index

My latest 89.70 long Dollar position worked well with the market rallying to my 90.05 T/P level and I am now flat. The Dollar has support from 89.35/89.75 where I will again be a buyer with a 88.95 stop. If I am taken long I will have a T/P level again at 90.05.

June DAX

No Change. I am still short from last Thursday at 15345 with the same 15310 T/P level. I will now raise my stop slightly to 15471. If any of the above levels are hit I will be back with a new update for my Platinum Members.

June FTSE

The FTSE traded sideways for most of Friday with the market not coming anywhere near my buy or sell ranges on Friday and I am still flat. I will now raise my buy level slightly to 6900/6950 with a 6855 stop. I will also lower my sell level to 7060/7110 with a now lower 7145 tight stop. If I am taken long I will have a T/P level at 6990. If I am taken short I will have a T/P level at 7025.

Dow Rolling Contract

The Dow made a recovery high at 34415 on Friday before falling 200 points into the close. We are opening lower this morning which is no surprise as Bitcoin is testing the key 30000 support level. My Dow plan worked well on Friday as the market hit my 34340 sell level before trading lower to my 34226 revised T/P level and I am still flat. Today, I will again be a seller from 34420/3600 with a 34725 ‘’Closing Stop’’. Meanwhile, I will leave my 33680/33850 buy range unchanged with the same 33495 ‘’Closing Stop’’. If I am taken short I will have a T/P level at 34280. If I am taken long I will have a T/P level at 34020.

June NASDAQ

Frustratingly, the NASDAQ just missed my 13605 sell level with a high of 13567 before falling 150 points into the close. I will now lower my sell level to 13525/13615 with a lower 13705 ‘’Closing Stop’’. I will also lower my buy level to 13170/13270 with the same 13095 ‘’Closing Stop’’. If I am taken short I will have a T/P level at 13450 If I am taken long I will have a T/P level at 13345.

June BUND

No Change. I am still long from 10 days ago at 169.30 with the same 169.35 T/P level and 168.65 ‘’Closing Stop’’. If any of the above levels are hit I will be back with a new update for my Platinum Members.

Gold Rolling Contract

I still do not trust this move higher in Gold. At the same time I am not prepared to go short. I will continue to be a small buyer on any dip lower to 1825/1840 with a higher 1809 stop. If I am taken long I will have a T/P level at 1849

Silver Rolling Contract

My Silver plan worked well with the market trading lower to my 27.25 buy level before rallying to my 27.50 revised T/P level and I am now flat. Today, I will again be a buyer from 26.40/27.00 with a 25.95 tight stop. If I am taken long I will have a T/P level at 27.35.

Your Platinum Subscription intraday updates will appear here once they are published.

Hi Everyone

Despite the absence of any significant news US Indexes have surged again today as yet again anyone trying to short the market gets slammed
The NASDAQ is leading the way with a gain of 2% while the  VIX is now lower by 7%.
The NASDAQ traded the whole of my sell range and I am now short at an average rate of 13575 with the same 13705 closing stop.
I will now  raise my T/P level to 13530
I went short  the S&P at an average rate of 4184 before stopping myself out here at 4202 and I am now flat
The Dow hit my sell range and I have just gone short in small size at 34460.
I will now raise my T/P level on this position to 34370.
Earlier the Bund hit my 169.35 T/P level while I was stopped out of my DAX short position at 15471
The Euro hit my 1.2225 sell level and I have now exited this position here at 1.2213
Finally, I bought the Dollar at 89.75.
Kind Regards
Bryan
To view the current daily levels commentary (which non-members can only view in older reports) you would need to purchase a Trader Noble Commentary Subscription from US$50/month.

 


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